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After spending more than a year stuck at a two-star rank, enough top-performing CAPS members have turned bullish on Synovus Financial
Similar to other banks, like BB&T
The company raised $600 million in a secondary offering in September and has been aggressively managing its credit, leading it to recently affirm its financial position. Synovus has exceeded recent government stress tests and said that at the end of the third quarter its Tier 1 capital ratio was at 10.48%, right around the ballpark of larger banks such as JPMorgan Chase
Synovus also sees opportunity to return to profitability in 2010 and says it's not under any regulatory requirements to raise additional capital. And while Citigroup and Wells Fargo made a fast dash to pay back TARP following Bank of America's
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